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qw Profile picture
@QwQiao
Nov 20 • 2 tweets • 1 min read • Read on X
why is all the meme coin trading happening on solana vs major eth l2s?

i have an answer u r not ready for

in the early days (late 2023) @blknoiz06 onboarded the perfect initial target user base to solana. these ppl then brought their friends to solana, and so on so forth. turns out meme coins have a strong network effect because it’s not only financial but also social.

imo ansem is singlehandedly responsible for the difference between solana and eth l2s as far as meme coin activities r concerned

history is highly path dependent etc etc
what im also implying here is that tech isn’t sufficient to explain the difference. eth l2s r pretty damn fast and cheap today. yes they r fragmented, but new user onboarding experience is more or less the same for l2s and solana (which dot eths have correctly pointed out)

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More from @QwQiao

qw Profile picture
Jan 6
Bitcoin
Ethereum
Arbitrum
Polygon
Optimism
Solana
Cosmos

Are the magnificent 7 ecosystems

that have crossed the chasm in terms strong organic developer ecosystem
Source: I spent probably 4 hours day in day out in the last 2-3 years talking to builders in the various ecosystems. At this point even without any hard data I have a pretty good internal “neural network” of where the strongest organic developer activity happens
The concrete implication of this list that I believe they have a very high chance of thriving beyond one cycle, whereas other ecosystems have a short window of opportunity (ie one cycle maybe) to prove themselves or fade into irrelevance
Read 6 tweets
qw Profile picture
Mar 22, 2023
It’s far easier to be Warren Buffet than Stan Druckenmiller.
Last couple of years, a whole generation of retail investors and entrepreneurs have been conditioned to obsess over macro. The reality is >99% don’t have any edge whatsoever in this game. And as a result it’s counterintuitive to let macro be a factor in their decision making.
This includes some of the most famous macro pundits on Twitter. They have no edge, and they know it. But they do it anyway because they know retail love it.
Read 5 tweets
qw Profile picture
Dec 5, 2022
1/ In my new article with @MohamedFFouda, we dive into proof of physical work (PoPW) networks.

We discuss the necessary characteristics of a good PoPW network, the current landscape, and a few startup ideas for aspiring founders.

medium.com/alliancedao/ho…
2/ We start by stating that the long-term goal for any PoPW network should be to become decentralized exchanges connecting service providers and service buyers.
3/ We posit that the following conditions must be met in order for such a network to succeed:

- Standardized and simple contribution
- Trusted oracles
- Minimal monopolistic tendencies
- Agile and conservative token design
Read 6 tweets
qw Profile picture
Nov 23, 2022
When the FTX News came out, it was 1) the SINGLE biggest collapse in history of crypto and 2) it caught EVERYONE off-guard. Yet the market was down only 20%.

That tells you about the market positioning, ie, market was already largely deleveraged and derisked.
In order for another event to cause the market to go down another 20%, that event needs to be 1) meaningfully bigger than FTX and 2) completely unexpected.

Virtually nothing satisfies these 2 conditions. Including Genesis.
Macro is a risk factor I’ve always been worried about. Still fully expect a major selloff next year which may drag crypto down. But that could very well be months+ out given CPI just started to cool down. Not to mention PA seems decorrelated suggesting macro folks had left.
Read 4 tweets
qw Profile picture
Nov 8, 2022
Meta thoughts on the whole FTX drama:

- The crisis that FTX is going through is not one of insolvency, but one of potentially unrecoverable reputational damage.
- It's never a bad idea to diversify your funds across custodians.
- People are clearly still suffering from the 3AC/Celsius/Terra PTSD.
Read 6 tweets
qw Profile picture
Aug 8, 2022
Every time the government attacks us we realize that our system is only as decentralized its most centralized layers, so we need to decentralized the ENTIRE stack.
Today we learned that the stack includes 1) version control and 2) stablecoins.
When I wrote notion.so/alliancedao/Cr… I put "decentralization of all layers of the stack" as the very first section.

This is not a coincidence. This is the single most important value proposition of crypto.
Read 6 tweets

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